UK Spending Falls 0.6%

According to the Office for National Statistcis, UK household spending fell 0.6% in the first 3 months of 2011.

The drop in spending is the largest since June 2009 and could further concern people who are worried about the strength of the economy.

The OECD said UK unemployment was likely to rise in the short term, “reflecting the slow recovery and rising labour force participation”.

Debt Support Trust analysts believe the UK economy is ‘walking the tight rope’.

“The increased cost of living has people unsure over their financial future and choosing to save their money instead of spending it. The increase in fuel, alcohol and the VAT are all factors when spending decreases.”

Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;

Benefits Advice

General Debt Advice

Individual Voluntary Agreement (IVA)

Protected Trust Deed (Scotland)

Refinance

Bankruptcy

Sequestration

Debt Management Plan